EXHIBIT 12.1

First BanCorp

Computation of Ratio of Earnings to Fixed Charges

	Quarter Ended March 31, 2013
Including Interest on Deposits
Earnings (Losses):
Pre-tax loss from continuing operations	$	(71,011	)
Plus:
Fixed Charges (excluding capitalized interest)		36,575
Total Earnings (Losses)	$	(34,436	)
Fixed Charges:
Interest expensed and capitalized	$	35,732
An estimate of the interest component within rental expense		843
Total Fixed Charges	$	36,575
Ratio of Earnings to Fixed Charges		(A)
Excluding Interest on Deposits
Earnings (Losses):
Pre-tax loss from continuing operations	$	(71,011	)
Plus:
Fixed Charges (excluding capitalized interest)		11,031
Total Earnings (Losses)	$	(59,980	)
Fixed Charges:
Interest expensed and capitalized	$	10,188
An estimate of the interest component within rental expense		843
Total Fixed Charges	$	11,031
Ratio of Earnings to Fixed Charges		(A)

(A) For the quarter ended March 31, 2013, the ratio coverage was less than 1:1. The Corporation would have to generate additional earnings of $71.0 million to achieve a ratio of 1:1 for the quarter ended March 31, 2013.